This is bloomberg surveillance. Im mark barton in london. Thatme to have a sip of because we have an acceleration to the fastest pace this year, adding to evidence that growth is becoming more resilient. The pmi index, the composition index, rising to 53. 7 in october, from the 52. 6 in september. This is the fastest pace since the beginning of 2016. The recovery continuing at a steady if not spectacular pace in the face of headwinds from brexit, slowing trade, political uncertainty. Ecb supporting the economy with unprecedented stimulus that will come under review in december. Just want to show you whats happening to the markets today. The stoxx 600 trading higher. Last weekend it rose for the second consecutive week. Best run since september. Last weeks rise was the strongest in a month. Byres the euro stoxx 600 up 0. 75 . The euro is a little bit up now. Track force march, on the worst fourth weekly drop. It is all about divergence because the u. S. As many think is set to hike rate
Surveillance. I am mark barton in london. Just getting some data crossing the bloomberg terminal. German Business Confidence just crossing now. Thectation is up on previous month, up from 104. 5 to 106. 1. The actual Business Climate and improvement from 109. 5 to 110. 5. The Current Assessment is also up. So Business Confidence in the euro regions biggest economy is increasing. Have a look at what is happening to assets today. We have had two days of finishing little changed for the stoxx europe 600, up by 0. 3 . A host of Companies Reporting earnings. The longest losing stretch since may. Diversions between the euro area and the u. S. The 10 year yield is down a basis point today in germany. There is the offshore yuan. Chinese policymakers signaling they are willing to allow greater currency flexibility assets in then dollar. The german 10 year yield which i alluded to in european banks stocks Something Special happened. European bank stocks erased all their losses from the brexit vo
I am mark barton in london. And i am Francine Lacqua, right here in rome. We have been in rome the last three days. When you look at the markets, they seem very calm. Be buying some of the bonds to keep that safety blanket in check. We will find out more on thursday, when i am sure mario draghi will be fielding a lot of questions about the political upheaval here. One thing i keep being told over and over is that investors burned by brexit are still burned by trump, but this time took the right positions. Timetable. Talk when will lindsay step down as Prime Minister . Francine at this point, we dont know. We know that the president met with the Prime Minister, matteo renzi. We understand they met twice yesterday, once in the morning and once in the evening, around 6 00, 7 00 p. M. The second meeting was quite long. It lasted an hour. Matteo renzi tendered his resignation, with the president saying, hold on. I need you to first pass this budget law. Means that failing passing of the law
Speaker, i had meetings this morning. Other than one meeting with her metastudent queen, the diary for the rest of my day is remarkably light. Other than one meeting with her majesty the queen. Thank you very much, mr. Speaker. The Prime Ministers congratulations to Andrew Murray and all the other winners. May we thank the Prime Minister for all his hard work and his leadership. And particularly his commitment to the union and to Northern Ireland visiting in auckland and swimming to working with the next Prime Minister. Im told there are lots of leadership roles out there at the moment, at the english football team. Top gear. [laughter] even across the big pond a role that needs filling. But if i can go to my pet subject, brexit really threatens Prime Minister cameron in your own time. Brexit threatens the unions. Will the Prime Minister work with his successes to ensure we have somebody that is going to pull together all the countries of the union and the overseas territories and make
Good news, lower on Interest Rates, clearly a dip lower on yield again today. Keeps focus on stocks. Also germanys gdp coming in better than expected. Thats the biggest economy in europe, is germany, of course, the driver. The fact they are weathering the storm since brexit, thats a very positive sign, even with china decelerating a little bit, i still think germany is bigger, i trut the data more. Buy signal, sell signal or take a break signal . What do we do here . Backing and filling higher, i think. I dont look for an explosive move, but keep backing, filling and just stairstepping higher. Kate, congratulations on the new gig at black rock. Happy to have you back. Whats going to work for us now that weve reached yet another milestone . The plays that worked for the year, bond proxies, telecoms, utilities, et cetera, or in the quarter that weve experienced here, the technology stocks, the discretionary stocks the material stocks . Hows it going to play out. Let me talk about the bro